Development of Small Companies in Singapore
The 2014 Budget is a beacon of hope for small companies in the city-state. The Government of Singapore has allotted a significant amount of funds for the restructuring and advancement of Small and Medium Enterprises (SMEs). It has laid down innovative and effective policies that seek to improve the economic condition of Singapore’s business environment and demand for its quality products and services. Apart from these resources, there is also a pressing need to concentrate on marketing and promotional programmes to increase awareness on the products and services offered by small companies.
Small companies often find the lack of relevant strategies to market their products and services a challenge. Hence, the government has implemented measures to provide entrepreneurs with an access to training and skills development that will hopefully allow them to become more efficient and equipped to make better decisions. Acknowledging the role businesses play in the economic output of Singapore, the government has assumed the responsibility of providing continual assistance for businesses registered in the city-state. In line with this, the government has introduced a training programme to increase employees’ market-based intelligence and capabilities in formulating goal-oriented strategies.
In today’s competitive environment, having marketing skills is crucial for enterprises to remain competitive amidst new entrants in the market. With innovation becoming the core focus of many entrepreneurs, threats of new entrants coming up with better products and attracting more customers are imminent. Existing companies, on the other hand, must remain competitive by executing strategic promotional initiatives. As a starting point, one must have a feasible business idea before deciding whether to set up a business or not. Take into consideration that Singapore is a fast-changing country where technologies and preferences can easily be outdated in a short period of time. Hence, it is essential to develop an enterprise that is agile, nimble and capable of adopting innovative solutions to be able to successfully penetrate existing markets or cater to a new niche market.
In the meantime, the government must focus on developing a business environment that is conducive for competition. The environment is not limited to the Singapore business but includes the competitive global environment. Singapore is an open economy competing with firms globally and striving hard to achieve, if not surpass, international standards. Therefore, the government actively engages private sectors and assist new entrepreneurs by making the process of Incorporating A Company In Singapore more streamlined. Companies can also seek government assistance not only in recruiting skilled employees but also in keeping them competitive and productive through regular training programmes. Moreover, such programmes can provide entrepreneurs with a better perspective on their chosen field and enhance their decision-making skills.
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